• Consumption, services, government spending to drive growth, Balisacan says at briefing
• Economy’s performance could’ve been even better if not for elevated inflation
• Impact of policy rate hikes to be felt in next two years
• With inflation expected to decelerate, Balisacan says he hopes interest rates “will also move in the direction appropriate for our medium-term growth”
• Trade, investments, agriculture should be developed to sustain economic growth
• NOTE: Philippines Cuts 2023 GDP Growth View as Global Outlook Dims
• NOTE: Philippine GDP expanded by 7.7% in the nine months to September, already exceeding the annual growth target